Skou sees shift to higher-value manufacturing
Lower growth in China’s export volumes reflects changes in its manufacturing sector, according to Maersk Line CEO Soren Skou, China Daily reports.
The country may be becoming less competitive in low-cost manufacturing, the ocean carrier executive said, with production shifting to other countries, but Chinese companies are also looking to compete in higher-value sectors such as automobiles and aviation.
Growth in those areas is unlikely to offset volume declines in the near term, according to David Skov, Maersk Line's South China chief, but the increasing wages that are hitting the country’s export sector should result in a boost to imports.
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